David Carr, the New York Times media commentator, reports that US stockbroking analysts are referring to the division of the News Corp businesses as "GoodCo" (the entertainments part) and "BadCo" (the publishing side).

He goes on to suggest that Rupert Murdoch was forced into agreeing the split because the decline in the fortunes of print "was more rapid than anyone had anticipated."

So Murdoch "was worn down by his most senior executives, a board that was suddenly listening to them as well as him, and his own instinct for self-preservation."

Carr isn't at all convinced by News Corp's statements of continuing belief in the health of its print assets, picking up on the claim by the chief operating officer, Chase Carey, that the split will will provide the impetus for the newspaper businesses "to grow and fulfil their potential."

This, notes Carr, "is a little like the engineer of a locomotive unhitching the caboose and telling the people marooned there that they were now free to travel toward any destination they desire."

He goes on to reveal that staff at the profitable Wall Street Journal are none too delighted to be decoupled from the safety net of the entertainments business and yoked instead to loss-making papers, such as The Times and Sunday Times, New York Post and the struggling Australian outfit.

He cites an anonymous source who attended an internal WSJ meeting held to explain the split to staffers. One exasperated reporter is said to have asked: "How exactly is this good for us?"

Carr concludes: "The changes at News Corporation contain a lesson about life as well as business.

"Time's winged feet land on all men, even singular ones like Mr Murdoch who have done remarkable things. And it usually falls to those closest to them to point out that nothing lasts forever."